Date Published: 30-May-2011
BY ENDA CUNNINGHAM
Four former directors of Cordil Construction – which collapsed into receivership last week with debts of well over €30 million – are ‘going forward backwards’, after forming a new company called Lidroc Construction.
Lidroc was formed in mid-February and its four directors are Gerry Dillon, Padraig Higgins, Morgan Darcy and Tom O’Callaghan – all former directors of Cordil.
Meanwhile, the Receiver Manager’s staff began the lengthy process of trawling through Cordil accounts yesterday (Monday) morning and have already found that a series of contracts are tied up in arbitration.
Michael McAteer of insolvency specialists Grant Thornton was appointed as Receiver Manager over Cordil last Thursday night.
He is now also assessing the viability of ‘finishing out’ existing contracts, including the new arthouse cinema on Lower Merchant’s Road, the extension to the ‘Jes’ school and the new clubhouse for Hibernians Football Club.
All four directors of the new Lidroc entity (Cordil spelt backwards) were directors in Cordil, which was formed more than a decade ago by joint owners Gerry Dillon and Pat Corrigan.
According to documents filed with the Companies Registration Office on May 16, Tom O’Callaghan resigned as a director of Cordil, a change which was listed as having taken effect from last January.
On May 12, our sister newspaper, the Connacht Tribune revealed that Cordil had closed down its 15 sites around the country, with the loss of 51 direct jobs and more than 400 subcontractors’ jobs.
The company blamed restrictive clauses in Government contracts, and claimed to be owed around €4m by the HSE and the Department of Education for completed work and work in progress.
Attempts by the directors over the following fortnight to secure a temporary overdraft facility from bankers failed, and last Thursday, Mr McAteer was appointed Receiver Manager over the entire assets of Cordil by ACC Bank, which had a charge over all of the company’s fixed and floating assets.
Meanwhile, it has emerged that Cordil had suffered further cashflow problems because of a series of unpaid contracts which are tied up in arbitration and conciliation processes.
Read more in today’s Connacht Sentinel
Appeal for information following Portumna crash
Date Published: 08-May-2013
Gardai are appealing for witnesses following a single vehicle crash at the Portumna bridge this morning.
The road from Nenagh to Loughrea reopened shortly after 11 this morning following the completion of a technical exam.
Four men were travelling in a van when they hit the Portumna bridge around 6:30 this morning.
Gardaí, ambulance and two units of Portumna fire services rushed to the scene, and one of the men was taken to Portiuncula hospital in Ballinasloe.
He is being treated for head injuries, which have been described by Gardaí as serious.
Anyone with information is asked to contact Portumna Garda station on 09-097-42060
President Higgins among GMIT’s first ever honorary fellowships
Date Published: 10-May-2013
GMIT is to honour seven outstanding individuals including President Michael D Higgins with Honorary Fellowships at a special ceremony later this month.
It’s the first time in the 40 year history of the Institute the Governing Body of GMIT has decided to award honorary fellowships.
The GMIT Honorary Fellowships will be conferred at the g Hotel in the city this day two weeks Friday 24 May at 2.30pm in front of 200 invited guests.
Galway commuters hold their breath as LRC intervenes in bus strike
Date Published: 13-May-2013
Galway commuters are holding their breath as there has been a potential breakthrough in the Bus Eireann dispute, as both sides have agreed to talks at the Labour Relations Commission.
The LRC intervened this afternoon, on day two of strike action that has seen 95 per cent of bus services disrupted across the country.
The LRC’s Director of Conciliation Services, Kevin Foley, says the National Bus and Rail Union and the company have agreed to meet for mediated talks at 8 this evening.